Brunei Darussalam recorded a 1.9 per cent increase in total export value in 2024, driven by growth in both the export unit value index (0.7 per cent) and export volume index (12.4 per cent), according to the latest report from the Department of Economic Planning and Statistics (DEPS).
The increase was attributed to higher exports of machinery and transport equipment, manufactured goods, and mineral fuels. Meanwhile, the export volume index saw a rise due to an uptick in mineral fuels, chemicals, and beverages.
However, in the fourth quarter (Q4) of 2024, the export volume index declined by 4.1 per cent compared to Q4 2023, primarily due to lower exports of machinery and transport equipment (-23.4 per cent), mineral fuels (-4.6 per cent), and crude materials (-4.0 per cent). This led to a decrease in total export value, which fell from BND 4,177.3 million in Q4 2023 to BND 3,371.8 million in Q4 2024.
The export unit value index also declined by 13.8 per cent compared to the same quarter of the previous year, mainly due to lower prices of chemicals (-20.3 per cent), mineral fuels (-14.0 per cent), and miscellaneous manufactured articles (-8.1 per cent).
Imports record 2.6pc decline in 2024
Meanwhile, total imports for 2024 decreased by 2.6 per cent, attributed to a 3.6 per cent decline in the import unit value index, despite a 0.9 per cent increase in the import volume index. The drop in unit value was mainly due to lower prices of manufactured goods (-8.4 per cent), chemicals (-6.4 per cent), and mineral fuels (-5.2 per cent).
In Q4 2024, the import volume index increased by 0.8 per cent, driven by higher imports of manufactured goods (5.4 per cent), miscellaneous manufactured articles (4.2 per cent), and food (3.0 per cent). However, the import unit value index recorded a sharp decline of 13.2 per cent, influenced by lower prices of manufactured goods (-28.6 per cent), chemicals (-21.8 per cent), and mineral fuels (-21.2 per cent).
The International Merchandise Trade Index (IMTI) serves as a key indicator of changes in the unit value and volume of Brunei’s imports and exports. It plays a crucial role in assessing global market competitiveness, inflation measurement, and national economic forecasting.
The full IMTI Q4 2024 and Annual 2024 report is available on the DEPS website.
